2016 FHA Loan

FHA minimum credit score is 500. New FHA policy requires a minimum
credit of 500 to buy a home or refinance. In the old days FHA did not
require any credit score. These changes went in to effect in 2010.

To buy a home you will need a minimum credit score of 500.

Borrowers with credit score above 580 require a 3.5% down
payment. The funds can be a gift from a family member and a 6% seller's
concession is allowed.

If you have credit scores below 580 new FHA changes require a 10%
down payment. The funds can be a gift from a family member and a 6% seller's concession is allowed.

Borrowers with a credit score above 580 can refinance up to a
97.5% loan-to-value on a rate and term refinance. And up to 85% cash out
refinance with a credit score above 580.

If you have credit score below 580 new FHA changes require a
maximum loan-to-value of 90% for a rate and term refinance. And up to
75% cash out refinance with credit score below 580.

Most lenders require a minimum credit score of 640 for a
2016 FHA loan.
Whether you're planing to buy your first home, refinance, lower your
monthly payments, buy a second home, consolidate debt or get
pre-approved for a mortgage. A perfect credit score is not needed for an
FHA loan approval.

In fact, even if you have had credit problems, such as a
bankruptcy, it's easier for you to qualify for an FHA loan than a for a
conventional loan. Credit scores down to 500 are accepted if there are
compensating factors that offset the credit risk.

Closing cost - FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida?

Mortgage World Home Loans is
an online mortgage company specializing in FHA loans for first time
home buyers. To buy a home with 3.5% down payment and a minimum
credit score of 580 using an FHA loan, apply now.

We look forward to working with you.

2016 FHA loan

www.MORTGAGE-WORLD.com, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration.
Nationwide Mortgage Licensing System ID 1630225
All loans arranged with third-party providers.
Licensed in the State of New Jersey
Florida License Number - MBR2317
www.MORTGAGE-WORLD.com, LLC
535 Bergen Blvd. Suite 2
Ridgefield NJ 07657
Call 888.958.5382